Inside Financial Markets
FBR to pay refunds through CITRO - Inside Financial Markets

FBR to pay refunds through CITRO

– Associated Press of Pakistan

 The Federal Board of Revenue (FBR) on Wednesday established a Centralized Income Tax Refund Office (CITRO) to facilitate taxpayers by releasing income tax refund payments directly into their bank accounts in an expeditious and transparent manner.

According to an FBR press statement issued here, Member IR (Operations) inaugurated the launch of CITRO by processing the 1st batch of Income Tax refund claims for payment through dedicated VPN tunnel established between FBR and State Bank of Pakistan.

“This is indeed another milestone achieved by the organization through incessant efforts of Member IR Operations and Member IT of FBR.

This system would eliminate human interaction between tax authority and taxpayers as well as ensure quick relief to business community,” it added.

The board is in process of enhancing this automation process to the next level by creating linkages between all federal and provincial departments as well as large numbers of withholders so that verification and processing of refund claims can also be made in a machine-enabled environment, it added.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)